The next version of the software for the iPhone looks incredibly different than past versions and, according to a new report from Reuters, the next versions of the iPhone hardware could look starkly different, as well. Apple is reportedly looking at iPhones with bigger screens and has plans to release a lower cost phone in a range of colors as soon as this year.

Apple is looking at one phone with a 4.7-inch screen and another with a 5.7-inch screen, Reuters' sources within the supply chain suggest. The report makes it clear that Apple is merely looking into these phone sizes for future versions of its popular phone. The iPhone 5 has a 4-inch screen.

Apple declined to comment on the rumors when reached by ABC News, but CEO Tim Cook addressed the question of larger screens last month at the All Things D conference. When asked about a range of iPhones, Cook said it's something that the company hasn't done so far, but "that doesn't shut off the future."

Cook also said the iPhone doesn't have a larger screen right now for a few reasons. "A large screen today comes with a lot of tradeoffs," he said. "People do look at the size, but they also look at things like if the photos show the proper color, the white balance, reflectivity, battery life, brightness, the longevity of the display."

Reuters also corroborates a previous Wall Street Journal report that Apple is working on a more affordable version of the iPhone that will launch this year. The phone is made of a plastic casing and will come in five or six different colors. It is reported to cost $99.

Cook also said at the All Things D conference that the company doesn't expand a product line, like it did with the iPod, unless there is customer demand or need. "On the phone, that's the question. Are we now at a point to serve enough people that we need to do that?" Cook asked.

In addition to the cheaper model of the phone, Apple will release the iPhone 5S later this year, Reuters reported. It will be an update with some small additions and tweaks. Apple released the iPhone 5 in September.

Earlier this week, Apple showed off iOS 7, the next version of the software for the iPhone and iPad. The completely redesigned software has a host of new features, including new multitasking options and a new command center.